Ripple, the San Francisco-based startup behind the world’s third-largest cryptocurrency, announced yesterday that 10 new users had joined its global payments network, RippleNet. The new members include Bexs Banco, AirWallex, Credit Agricole, Cuallix, Currencies Direct, dLocal, IFX, Krungsri, RAKBANK, and TransferGo.
According to a company statement, RippleNet now has more than 100 users, including banks, payment services and other financial institutions. These businesses “use the power of Ripple’s blockchain technology to provide a global payments experience that delivers instant, certain, low-cost global payments to their customers”, Ripple said.
The company also revealed that financial services firm Cuallix had become “the first worldwide institution” to use xRapid – a product that allows cross-border money transfers to be converted into Ripple tokens (XRP). Cuallix’s aim is to reduce the cost of sending cross-border payments from the US to Mexico.
On the rise
The Ripple price has risen following the news. According to data from cryptocurrency tracker Coinmarketcap, the token has gained nearly 6% over the past 24 hours and currently has a total market capitalisation of $10.3 billon. Some $320 million worth of XRP tokens have exchanged hands over the past 24 hours, with South Korea’s Bithumb exchange accounting for nearly 54% of that volume. Smaller South Korean rivals Coinone and Korbit capture 12.1% an 7.9%, respectively.
In today’s trading, the Ripple price stood at $0.266, as of 10:38 BST, up 6% from the same time yesterday.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.